Procore Technologies, Inc. (NYSE:PCOR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have been assigned a consensus recommendation of “Moderate Buy” from the nineteen analysts that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $80.83.

Several analysts have recently weighed in on PCOR shares. KeyCorp dropped their price target on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Stifel Nicolaus cut their target price on Procore Technologies from $93.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Macquarie reduced their target price on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. lowered their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Jefferies Financial Group cut their price objective on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Iv, sold 116,365 shares of Procore Technologies stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $7,535,797.40. Following the completion of the transaction, the insider now directly owns 1,893,458 shares in the company, valued at approximately $122,620,340.08. This trade represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Connor Kevin J. O sold 7,700 shares of the company’s stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total value of $436,359.00. Following the sale, the director now owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This trade represents a 0.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 660,412 shares of company stock valued at $42,834,653. 29.00% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

A number of large investors have recently made changes to their positions in PCOR. Brighton Jones LLC acquired a new position in Procore Technologies during the 4th quarter worth approximately $511,000. Sanctuary Advisors LLC lifted its position in shares of Procore Technologies by 24.2% during the 4th quarter. Sanctuary Advisors LLC now owns 4,561 shares of the company’s stock worth $365,000 after purchasing an additional 889 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Procore Technologies by 18.7% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 69,969 shares of the company’s stock worth $5,243,000 after purchasing an additional 11,022 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Procore Technologies during the fourth quarter worth $831,000. Finally, Parkside Financial Bank & Trust increased its holdings in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Stock Up 0.0%

Shares of NYSE:PCOR opened at $67.90 on Friday. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The stock has a market cap of $10.13 billion, a P/E ratio of -78.95 and a beta of 0.90. The business has a fifty day moving average of $66.37 and a two-hundred day moving average of $71.03. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 10.73% and a negative return on equity of 6.54%. The firm had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. During the same quarter in the previous year, the company posted $0.30 EPS. The company’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts expect that Procore Technologies will post -0.15 earnings per share for the current year.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.